The Law Society’s annual professional indemnity insurance survey,which looked at insurance claims among law firms of up to 25 partners, reveals that almost a quarter of law firms have reported being targeted by scammers in the last year.
Greg Bryce, managing director of SearchFlow, comments: “This is an alarmingly high level of reported fraud attempts and it clearly illustrates the extent of this problem. In particular, the conveyancing sector, where large sums of money are transacted, remains a primary target for criminals.
“Cybercriminals are using the most insidious techniques in an attempt to obtain financial information and data to steal money from homebuyers and law firms.
“There have been many initiatives to help combat the problem, with excellent advice, scam alerts and the Law Society’s recently updated Practice Note going some way to help best protect homebuyers and law firms.
“But the fraudster’s techniques are sophisticated and conveyancers require the best solutions available to protect themselves. Recognising the problem, and as part of our commitment to offering value added service, we have recently partnered with Decision First to offer an unrivalled free service to protect conveyancers and homebuyers from the risk of fraud.
“Using Decision First’s Law Firm Search via the Lender Exchange, users can now ensure it is safe to transfer their client’s money by checking and confirming the client account of the vendor’s solicitor on every single transaction at no additional cost.”
Working on behalf of lenders to verify the details of law firms on their panels, Lender Exchange offers access to the largest set of verified conveyancing firms in England and Wales, equating to over 95% of the market.
Lender Exchange’s Law Firm Search offers the most comprehensive check on solicitor’s details in the market and will provide much needed protection against this area of risk.